Solana-Based Memecoin WIF Surges Over 30% As Binance Announces USD Perpetual Launch

Yet another Solana-based meme coin has hit the apex of centralized exchange listing, as Binance announced it would launch a USD-M contract for dogwifhat (WIF). In a blog post on Thursday, the largest exchange stated that it would launch the token the same day by 14:15 UTC

Since the announcement, WIF has surged by over 30%, hitting an all-time high of $0.46. The memecoin has a market cap of $454 million and a 24-hour trading volume of $38 million, posting 36% and 73% increases, respectively.

A Notable Rise

Dogwifhat has recently gained significant traction among investors as the token surged over 300% in less than a month. The journey to the top started when a whale spent $9 million worth of SOL to acquire WIF seven days ago. Although the investor lost 60% of the funds on slippage fees, the transaction pushed the token price to almost $3.

The whale had a “Binance Insider” name on his address, which sparked speculation that Binance might list WIF. The action by the whale led to a buying spree on WIF, causing the token to increase 50% in 24 hours.

WIF is currently listed on big exchanges like Bybit, Crypto.com, and MEXC. Bybit, like Binance, launched the USD-M perpetual contract for the dog-themed token on January 11, the same day the whale spent $9 million acquiring the memecoin.

Another from Solana?

WIF becomes the second memecoin on the Solana Network to hit the limelight since its bullish run, which began last year. Memecoin BONK went bonkers after Coinbase and Binance listed the token in December.

On-chain activities also suggested that these top exchanges would list BONK, with several addresses sending the token to Coinbase’s hot wallet. Coinbase listed the token just seven days after the transactions.

Memecoins on Solana have benefited from the increased activities on the network. Early investors in these tokens have made astonishing gains, as some saw their capitals flip hundreds of thousands of times. Investors would now be hoping that Solana gives them another BONK and WIF.

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